EUR/AUD off highs but still approaching 1.4917 resistance

FXstreet.com (Barcelona) - EUR/AUD is short-term overbought and approaching resistance. However, the trend is the trend and the trend is higher.

EUR/AUD traders to focus on German data points

There is no data due out of Australia during Wednesday’s session, so EUR/AUD traders will have to focus on the news coming out of Europe including German Consumer Confidence and the German 10-Year Bund Auction.

Technical outlook for EUR/AUD

Technicians say EUR/AUD has a short-term upside target of 1.4917. From there, they are looking for a modest correction / consolidation period where the cross may drop to 1.4708. Additional support for the cross comes in at a lower Fibonacci level of 1.4583. The next upside target beyond 1.4917 is 1.5019.